Search found 20 matches

by prncrakim
Thu Jan 02, 2020 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Soliciting advice on residential land purchase for new build
Replies: 8
Views: 640

Re: Soliciting advice on residential land purchase for new build

We are wondering what best advice bogleheads have on approaching neighbors/homeowners with offers to purchase adjacent property. I'm aware this is risky in terms of zoning/approvals for new home building, but right now just want to know if this is even a viable option. I don't think that the odds of you being able to buy part of a lot are good. You might need to buy the entire property and subdive it while you own it all. When we look at existing real estate, building a new home to our spec is beginning to seem much more attractive. You need to be skeptical about that. Sure looking at a new house compared to 40+ year old home likely looks good but you are comparing apples to oranges. Be sure to compare what you would build to a comparable ...
by prncrakim
Thu Jan 02, 2020 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Soliciting advice on residential land purchase for new build
Replies: 8
Views: 640

Re: Soliciting advice on residential land purchase for new build

I think you'll be hard pressed to find someone to do the dirty work for you here. Check to see if your city/town has GIS information available online. You can start to do your own research. Zoning maps and bylaws are also likely online. To subdivide (rules vary) both lots will have to remain conforming after the subdivision. You should do all of this work before approaching anyone. You should also understand the current market rate for a buildable lot. The local planner should be a resource. A friend of mine bought a house (50+ years old) that was built on two lots. They moved in, subdivided the land and sold off the other lot. Good way to lower your cost basis. Any specific questions let me know.
by prncrakim
Wed Nov 06, 2019 8:30 am
Forum: Personal Consumer Issues
Topic: Anyone with experience in commercial construction?
Replies: 17
Views: 2165

Re: Anyone with experience in commercial construction?

In my case I currently work with a small local company, two partners. One is a PE (engineer) the other an architect. In the past I would work with a civil engineer local to whatever community I was developing something in. I used the same architectural firm for various projects and they worked with whichever engineer i was doing business with at the time. Working with one company that handles both sides has been advantageous. I would suggest reaching out to several small local civil engineers (sole proprietor) as a starting point. I would ask the local planner for the names of several engineers that they often see in front of the planning board. They will likely tell you they can't give specific recommendations but are usually willing to sa...
by prncrakim
Tue Nov 05, 2019 10:03 am
Forum: Personal Consumer Issues
Topic: Anyone with experience in commercial construction?
Replies: 17
Views: 2165

Re: Anyone with experience in commercial construction?

Commercial real estate developer. Your offer should be subject to permits and approvals. You are not a speculator. Most zoning bylaws/maps are available online. You can start to do due diligence yourself. You might consider meeting with the planner and/or economic development coordinator in the town/city you are doing business in. Alternatively civil engineers and/or architects will have familiarity with the development process and can guide you. You can expect to spend a fair amount of money before even closing on the land/building. There are a lot of moving parts and various professionals you will have to deal with (phase 1 environmental, engineers, architects, traffic, wetland scientists, etc.). With your lack of experience you really ne...
by prncrakim
Tue Jul 30, 2019 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: New Construction - Things to look for?
Replies: 13
Views: 1164

Re: New Construction - Things to look for?

In my experience the builder will overwhelm you with what is included so it appears comprehensive, it likely isn't. Frankly without construction knowledge it will be a challenge. Allowances could be light. For example, you may get a $2500 electrical allowance for items beyond what is required by code. Many would assume recessed lighting would be included. It may not be and they will be ~$100/each. Do you want built-ins? Trim? high-end fixtures? To avoid change orders and aggravation your initial contract should include as much of the final scope as possible. Every situation/builder is different, perhaps talking to others in the same subdivision about their experiences or what they would do differently would prove helpful. If you have anyone...
by prncrakim
Thu Jun 27, 2019 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Taking out a loan to build a commercial building
Replies: 27
Views: 2451

Re: Taking out a loan to build a commercial building

Commercial real estate developer here. Local lenders will be your best bet. In my experience big banks may have an interest if you have a track record (i understand you do not at this point in time) but they cannot compete with local lenders on terms. ie less flexible with guarantee structure, higher equity/debt ratio, shorter amortization period and so forth. I think you will have a tough time but you only need one to buy in. Your local commercial real estate lenders network for a living, they would be happy to meet with you and give you advice. You need a sales package including a business plan, pro formas, etc. As others noted having substantial liquidity will be very helpful to you, when you get far enough along they'll require a net wo...
by prncrakim
Tue Jun 18, 2019 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to get out of daycare 6 week notice?
Replies: 32
Views: 3427

Re: Any way to get out of daycare 6 week notice?

My family owns two large child care centers.I would want your future word of mouth to be it didn't work for us but i appreciated how they handled the situation. If it is locally owned you'll probably get a flexible response. would you be satisfied if they said you're off the hook as soon as it's filled?
by prncrakim
Fri Jun 14, 2019 8:20 am
Forum: Personal Consumer Issues
Topic: What would your housing preference be with 4 kids?
Replies: 41
Views: 4530

Re: What would your housing preference be with 4 kids?

We built a house six years ago. At the time my kids were 1, 3, & 5. Two story colonial with 4 bedrooms upstairs. At the time we wanted to be near the kids. Less important now that they are older but we are still young (30's) and the house was not built with the intention to live there forever. When we are empty-nesters 10+ years from now we'll consider moving to a ranch or follow the kids wherever they may end up. We finished the basement a few years ago to give the kids space during the winter and for family gatherings. It has all worked out well. I would personally be hesitant to put anything other than a guest bedroom in the basement. As already noted no matter how nice, walk-out or not, it's still a basement/sub-grade. Good luck!
by prncrakim
Wed Jun 12, 2019 9:32 am
Forum: Personal Finance (Not Investing)
Topic: How are your 30s financially different than your late 20s?
Replies: 47
Views: 7010

Re: How are your 30s financially different than your late 20s?

1. Did you find your medical spending increased dramatically in your 30s? Yes, three kids, doctor/dentist visits. My wife as an autoimmune disease that didn't pop up until post 30, requires ongoing care. I've had three surgeries in the last 18 months. Decent health insurance helps. 2. Did you find yourself spending more on your children as they got older? Yes, activities increase. Discretionary spending increased but that's our choice. Travel is a big one with a big family. 3. If you upsized in house in your 30s, what led you to do so? Built a house, "needed" more space for the family. Again, certainly a choice we didn't have to make. In fact, my boys continue to share a bedroom by choice after building six years ago. 4. Did you g...
by prncrakim
Mon Jan 07, 2019 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Child # 3 - seeking advice from older members
Replies: 89
Views: 9935

Re: Child # 3 - seeking advice from older members

I am your age now, my youngest of three is 7. Having three kids is hard. No way around it. That said the youngest is a joy and brings profound happiness to my wife and me. Wouldn't have it any other way. Good luck!
by prncrakim
Fri Dec 14, 2018 7:58 am
Forum: Personal Consumer Issues
Topic: Audi S4 vs S3
Replies: 36
Views: 3787

Re: Audi S4 vs S3

You didn't mention it as an option but I will throw it out there. I have an 18 S5 sportback. To me it is more functional (hatchback) and better looking than an S4. Looks are subjective, I've really enjoyed the car thus far.
by prncrakim
Fri Nov 30, 2018 9:48 am
Forum: Personal Consumer Issues
Topic: Remodeling - tipping?
Replies: 56
Views: 4263

Re: Remodeling - tipping?

A different perspective. Following the completion of my newly built home I gave the project manager a gift card to a nice local restaurant. He was appreciative. Yes he was paid appropriately for the work but I wanted to further acknowledge his efforts. He was appreciative. When I had a couple issues pop up following the expiration of the warranty period, guess what? They dealt with them at no cost to me. Was it because of the gift card? I don't know, but he did say it was a pleasure doing business with my family. I don't buy into the tipping slippery slope argument, sometimes it's nice to be generous.
by prncrakim
Fri Nov 09, 2018 9:46 am
Forum: Personal Finance (Not Investing)
Topic: How much money are you leaving your kids after you die?
Replies: 234
Views: 20382

Re: How much money are you leaving your kids after you die?

As far as discussing things with your children is concerned I think the answer is it depends. My in-laws are very wealthy. My wife and I are privy to their finances and future plans. We were fortunate to leave school debt free and received help for a down payment on our first home. We were and are extremely grateful. Beyond that we were on our own and we've made our own way with relative success. Any future inheritance plays no part in our decision making or planning. My wife's sister understands they are wealthy but is not privy to the same information, she can't handle it. More than anything my father-in-law's willingness to be open with me, to mentor me, has helped me enormously in my career and life. Our own children are growing up in a...
by prncrakim
Thu Aug 23, 2018 2:33 pm
Forum: Personal Consumer Issues
Topic: $65K Fun Daily Driver
Replies: 112
Views: 11202

Re: $65K Fun Daily Driver

I recently bought a Audi S5 sportback and love it. I have three kids. My wife has an XC90 that we use as the family hauler. The S5 might be a little small for a rear facing carseat, my kids are a bit older. In your shoes I would consider a used S7. In any case you have a lot of great options, good luck!
by prncrakim
Fri Aug 10, 2018 1:37 pm
Forum: Personal Consumer Issues
Topic: Should I Buy a Tablet?
Replies: 16
Views: 2201

Re: Should I Buy a Tablet?

I received an iPad2 as a gift for my 30th birthday seven years ago. At this point it is a Netflix/Internet device but I've never had an issue with it and will happily spring for another one when it finally goes. It sounds like you can afford it and would get use out of it, so why not?
by prncrakim
Mon Jul 02, 2018 8:07 am
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 375
Views: 30064

Re: What are your property taxes?

Western Massachusetts: Assessed value ~ $600k; RE taxes- $11,500

Yikes.
by prncrakim
Thu May 24, 2018 2:29 pm
Forum: Non-US Investing
Topic: Bank of America ATM card not working internationally
Replies: 38
Views: 4870

Re: Bank of America ATM card not working internationally

I had the same issue traveling in Portugal last year. I ended up taking a cash advance off a credit card through an ATM. Not ideal but it worked in a pinch.
by prncrakim
Tue May 08, 2018 10:02 am
Forum: Personal Consumer Issues
Topic: Family Vacation in Late Feb
Replies: 30
Views: 2482

Re: Family Vacation in Late Feb

My wife and I visited Turks & Caicos in March. While we left our kids behind there were quite a few families. You can catch direct flights out of Logan. We really enjoyed the experience, we would definitely go back with the kids.
by prncrakim
Thu Aug 24, 2017 9:00 am
Forum: Personal Investments
Topic: Affording assisted living
Replies: 44
Views: 6087

Re: Affording assisted living

Out of curiosity what part of the country is this? I work in the industry as an owner/operator in a state (MA) known for high rates and I would consider the rates you quoted very expensive. Given their age, assets, and the average length of stay in assisted living I don't think they need to worry about it but you could ask the facility how they handle residents who spend down all of their assets. In MA there are programs that they could utilize but the availability varies widely from state to state.
by prncrakim
Wed Apr 06, 2016 9:54 am
Forum: Personal Investments
Topic: Any reason not to sell an old annuity?
Replies: 2
Views: 435

Any reason not to sell an old annuity?

My wife owns a Jackson National Perspective II Fixed and Variable Annuity that was purchased in 2004 for approximately $92,000. The current value is $124,000. I can't help but think what a terrible mistake that investment has been and will continue to be. There are tax repercussions to consider but overall I think we should sell and move on. Am I missing something?